Dubai’s healthcare and education investment company Amanat Holdings has terminated its sale and purchase agreement for the Middlesex University Dubai campus.
The company announced in July that it would sell the campus, based in Knowledge Park, but issued a statement to Dubai Financial Market today, saying its sale and purchase agreement (SPA) with SW Holding Limited and Study World Education Holding Limited, also Dubai-based, had been terminated.
The company was to sell its 100 percent stake in Middlesex Associates through its fully owned subsidiary, AHE Alpha Limited.
Dr Mohamad Hamade, CEO of Amanat, said: “While we were enthusiastic about completing the transaction, we took the decision to terminate the SPA despite Amanat having completed all its obligations under the agreement.
“The decision to terminate the SPA was on the basis of protecting the best interest of Amanat Holding’s shareholders and to ensure adequate transparency after what had become a prolonged completion process.”
Hamade said Amanat would explore other investment and investment opportunities, including special situation opportunities that have risen as a result of the pandemic, or opportunities in the digital space.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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